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Baldwin completes $100 million acquisition of Hippo's homebuilder distribution network
Hippo Holdings Inc -1.39% Pre
Baldwin Insurance Group, Inc. Class A -0.17% Pre
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S&P 500 index +0.04%
NASDAQ +0.36%
Hippo Holdings Inc HIPO | 28.36 28.36 | -1.39% 0.00% Pre |
Baldwin Insurance Group, Inc. Class A BWIN | 23.19 23.19 | -0.17% 0.00% Pre |
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By Isha Marathe
July 2 - (The Insurer) - The Baldwin Group's indirect subsidiary, Westwood Insurance Agency, has completed the$100 million acquisition of a homebuilder distribution network from Hippo Holdings.
As previously reported, Westwood Insurance Agency had agreed in June to buy Hippo’s homebuilder distribution network, which generated revenues of around $29.2 million and is expected to deliver approximately $7 million of adjusted EBITDA over the 12 months following close.
Separately, Millennial Specialty Insurance (MSI), Baldwin Group's MGA, entered a program administrator agreement and a claims administration agreement with an affiliate of Hippo on a new homebuilder program.
